FICCI on Feb 12 demanded a third stimulus package for the economy claiming that the previous two have not produced the desired result. Rajeev Chandrasekhar, FICCI President said that the next stimulus package should be aimed at giving a boost to the demand in the economy.
"The two stimulus packages announced have not worked. One more stimulus package is required. The third stimulus package should be aimed at restoring consumer confidence," he told reporters.
The government in the first package, which was announced on December 7 had brought down the CENVAT rate by 4 per cent in all sectors except in petroleum. Along with this, an additional expenditure plan of up to Rs 20,000 crore was also announced. Besides this, the government had authorized India Infrastructure Finance Company Ltd (IIFCL) to raise Rs 10,000 crore through tax-free bonds by March 2009 and said it would be permitted to raise further resources.
On the other hand, te government in the second package, which was announced on January 2 that includes higher public spending and easier credit especially for exports, housing and small industries, and special attention was paid to auto and infrastructure sectors.
"The two stimulus packages announced have not worked. One more stimulus package is required. The third stimulus package should be aimed at restoring consumer confidence," he told reporters.
The government in the first package, which was announced on December 7 had brought down the CENVAT rate by 4 per cent in all sectors except in petroleum. Along with this, an additional expenditure plan of up to Rs 20,000 crore was also announced. Besides this, the government had authorized India Infrastructure Finance Company Ltd (IIFCL) to raise Rs 10,000 crore through tax-free bonds by March 2009 and said it would be permitted to raise further resources.
On the other hand, te government in the second package, which was announced on January 2 that includes higher public spending and easier credit especially for exports, housing and small industries, and special attention was paid to auto and infrastructure sectors.
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